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Turkish road consortium lines up $600 mln loan deal
March 27, 2014 / 10:27 AM / 4 years ago

Turkish road consortium lines up $600 mln loan deal

ISTANBUL, March 27 (Reuters) - A consortium building a motorway between Gebze and Izmir in western Turkey plans to sign a $600 million loan accord with eight banks for a section of the road in April, consortium leader Nurol Holding’s chief financial officer said on Thursday.

A consortium of Nurol, Italy’s Astaldi, Ozaltin Makyol, Yuksel and Gocay Insaat won the 22-year operating rights for the highway in a 2009 tendering for a build-operate-transfer deal. Yuksel group subsequently withdrew from the consortium.

“We plan to sign a $600 million loan accord in April,” CFO Kerim Kemahli told Reuters, refering to a section of the highway being built between Orhangazi and Bursa in northwest Turkey.

“In total it looks like the cost of investment for the whole of the project will be $7.4 billion,” he added.

Last year the consortium secured a $1.4 billion, seven-year loan for the Gebze-Orhangazi section of the road with Akbank , Finansbank, Garanti Bank, Halkbank, Is Bank, Vakifbank, Yapi Kredi Bank and Ziraat Bank. (Reporting by Evrim Ergin; Writing by Daren Butler; Editing by Greg Mahlich)

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